North America Power & Utilities：The Joule Jostle： Weekly Regulated Utilities Crowding Data

Investment Rating - The report does not explicitly state an overall investment rating for the industry or specific companies [18]. Core Insights - The most crowded longs as of August 9, 2024, include EXC, ES, XEL, ETR, and AES, while the most crowded shorts are SO, EVRG, LNT, NEE, and WEC [1]. - The report highlights a positive change in crowding scores for companies such as CNP, NI, ETR, ED, and FE, indicating increasing long interest, while EIX, SRE, LNT, D, and EVRG show the largest negative moves [3]. - Six companies are identified as benefiting from the power demand trade theme related to data centers: AES, CEG, NEE, NRG, PEG, and VST [6]. Summary by Sections Crowding Data - The report provides a detailed analysis of crowding scores, which indicate the percentage of eligible funds holding or shorting a stock. Scores typically range from -30 to +30, with higher positive scores indicating more long-crowded stocks [10]. - Historical crowding scores for various companies are presented, showing fluctuations over the past months, with notable scores for July 2024 [11]. Global Crowding Momentum - A three-factor "Crowding Momentum" score is introduced, suggesting that stocks that are long-crowded, becoming more long-crowded, and had weak recent performance are expected to perform well in the coming month. Stocks like NRG and CEG received positive scores, while WEC and OGE were rated negative [12][13]. Valuation Methodology - The valuation methodology for the North America Utilities sector is primarily based on price-to-earnings ratios, with adjustments made for growth, regulatory environments, and clean energy transition opportunities [15].